Note: Sales accounts represent turnover accounts and should be used to record the actual sales made by the business to its customers only.

For any Other Income items which are not sales-related, the user has the option to customise income accounts - see Income Accounts within the Topic list.

There are several sales accounts already set up which cannot be added to or taken away from, however, you may show or hide any of the accounts from view to prevent use (Adding Nominal Accounts).

To facilitate customisation, these pre-set sales accounts are available to rename to specify the business's sales activities or to group specific sales areas.

Setup > Sales / Purchases Names

Fixed Name                                                                                             

Click Fixed Name of the Sales Account which you wish to rename e.g. Sales at Standard Rate.  The fixed sales accounts available to rename split into VAT rate accounts:

• Sales/Fee Accounts at standard rate (i.e. VAT at 23%)
• Sales/Fee Accounts at a low rate (i.e. VAT at 13.50%)
• Sales/Fee Accounts at a lower rate (i.e VAT at 9%)
• Sales/Fee Accounts at zero rate (i.e. VAT at zero)
• Sales/Fee Accounts VAT exempt (i.e. VAT non-applicable)

Note: Once renamed, the VAT rate that is linked to the original account will automatically remain linked to that account.

Enter your Preferred Name                    

Within this box type the preferred name of the sales account that will suit your particular trading activities e.g. Choose the Sales at Standard Rate account and rename it to Sale of Accounts Software.  Each time a sale invoice/transaction is entered for a Customer against this sales account, a VAT rate of 23% will be attached. 

The account will now show under the user-determined preferred name on the accounts and all reports.

Update

Click Update to save the new preferred name.

Once a sales account has been renamed it will automatically appear within the nominal accounts available for selection within the sales and receipts transaction screens.

When using these accounts within the transaction screens, the VAT is automatically processed at the corresponding VAT rate attached to the account i.e. Sales at a low rate will automatically attach a VAT rate of 13.5% to the transaction.  The VAT rate attached cannot be amended.